Data on U.S. oil rigs could be interesting Friday afternoon, if they show another week of increased activity.
Baker Hughes rig data are released at 1 p.m. ET, and they come in a week where oil crossed $51 for the first time since since July 2015. At $50 per barrel, analysts have expected to see a return of some drilling activity, and last week's data showed nine oil rigs were added. That makes a total of just 10 new rigs this year.
"It's going to be a big deal. If there's a jump of double digits, it's going to be significant. Anecdotal reports show there's some activity in the Permian Basin, in particular, where the breakevens are about $35," said John Kilduff, partner with Again Capital.